Google plans to invest $1 billion in African countries over the next five years to ensure access to faster and cheaper internet. The company also aims to assist startups to support the continent's digital transformation. The announcement was made during a virtual event where the company launched an African investment fund, through which it will invest $50 million in startups, enabling them to access its employees, network, and technologies, according to Reuters.
In partnership with the nonprofit organization Kiva, Google will provide $10 million in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria, and South Africa navigate the economic difficulties arising from the pandemic. Sundar Pichai, the company's CEO, expressed excitement during the event about reaffirming Google’s commitment to the continent through the $1 billion investment over the next five years, aimed at supporting digital transformation and covering a range of initiatives including improving connectivity and investing in startups.
Google also mentioned that a program launched last year in Kenya in partnership with Safaricom, which allows customers to pay for 4G-enabled phones in installments, will be expanded across the continent with mobile network operators such as Vodacom, Orange, and MTN. The tech giant is working on building an undersea cable to connect Africa and Europe, claiming it will provide faster internet and lower connection costs.
